HEADLINE
Nigeria has lost its position as the world’s best-performing stock market after five weeks at the top, with South Korea’s rebound pushing the Nigerian Exchange (NGX) to third place in Bloomberg’s ranking of 92 global stock markets. As of August 14, the Kospi was up 68.52% in dollar terms year-to-date, compared with 66.68% for Ghana and 65.23% for Nigeria.
The shift comes as the NGX experiences a recent pullback following its strong 2026 rally. The All-Share Index fell 2.78% between August 10 and 14, closing the week at 242,619.20 points, while market capitalisation declined from about ₦160.4 trillion to ₦156.6 trillion. The market’s local-currency year-to-date return moderated to 55.9%.
The ranking nevertheless highlights the strength of Nigerian equities this year. The market’s performance has been supported by improved foreign-exchange liquidity, a firmer naira and broader economic and capital-market reforms. The naira’s average official rate was about ₦1,357.70/$ on August 14, its strongest level in two months, according to the report.
For investors, the loss of the global ranking is less significant than whether the recent correction develops into a deeper reversal after the market’s substantial gains. The NGX remains sharply higher for the year, but elevated valuations and recent selling in major stocks could test investor appetite.
Investors should watch the NGX’s performance this week, particularly whether large-cap stocks stabilise and whether the market can resume its upward momentum.
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